February 5, 2016
May 19, 2016


We all find the idea of saving pleasing, but most of the times we tend to postpone it or find excuses not to do it: either the earnings are too little or some of the present expenses can’t be reduced, or we fool ourselves that now is not a good time and we will save in the future.

A recent study shows that just a small percentage (15%) of people are saving some of the money they are earning on a monthly basis, and a similar percentage declared that they would use the savings in the event of losing the main income source. The rest said they would borrow, sell something or drastically reduce their expenses in such a situation. Still, there were also people who mentioned that they don’t really know what they would do when faced with an issue like this one.

If you are not saving money now, here are five ideas to make saving so easy you could even start today:

1. Keep a record of all your earnings and expenses

Keeping a track record of your income and expenses for a month should allow you to see the big picture and where can you cut some costs to save more. You should consider all income: paychecks, bonuses, income from rentals, etc.

Then you will need to identify all the monthly expenses like rent, insurances or subscriptions. Once you write everything down, put the expenses in different categories and see at the end of the month on each category you spent the biggest amount of money. If the name of the category is “Miscellaneous”, you will need to divide it further as this usually stands for impulse buying of all sorts that will need to be reduced drastically or completely eliminated in time.

When starting to keep a record like this one, the first month is usually the most difficult as there will be things you forget or find it a hassle to write down everything. But after just a few months you will see the results and that is was all worth your time.

2. Save on utilities

One of the categories, where we can save some money every month, is utilities like water, gas, electricity. There are many possibilities to reduce your bills in these areas. Remembering to turn off the TV when you are leaving the room (even if you are planning to return to it) can be one of them. Also, you can choose showers instead of long bubble baths. It is more environmentally conscious to do so, and it will help with cutting the water bills too. You can also get rid of the habit of leaving the electronics on standby when you are not using them as this affects your electricity bill also.

3. Use saving products

Some banks will offer interesting advantages for keeping your savings with them. Aside from the interest rate that might not be as impressive, they have the benefit of keeping the money somewhere where you can’t reach them every time you see something interesting to shop for online.

4. Use a personal financial management tool or app

If you are not a fan of making lists on top of other lists, then an app or software is the answer to your prayers. You will be able to find personal financial management tools online that are free to use, and they can help you keep track of your finances in an organized way.